China to impose additional tariffs on $16B worth of US goods

China to impose additional tariffs on $16B worth of US goods

The tariff will mostly apply to industrial equipment, like tractors and chemicals.

Trump's mission to reduce the U.S. trade deficit via the threat of tariffs has brought him into conflict with China as well as USA allies, roiling financial markets and raising fears of a global trade war the International Monetary Fund has warned may undermine the strongest economic upswing in years.

China said on Wednesday, August 8, it will impose 25% tariffs on a further $16 billion of U.S. goods, making good on its promise to retaliate against new American levies. In July, Washington imposed tariffs on $34 billion worth of Chinese goods.

It's the latest salvo in their tit-for-tat trade battle.

Crude oil prices are under pressure because a tariff on imported US crude oil means a drop in demand.

Trump has threatened to levy a 25% tariff on an additional $200 billion worth of Chinese imports to the United States - a move that would blow open the disagreement between the countries. So far, despite the rhetoric, only $37bn worth of imports into China and the USA have actually been affected.

All the same, China's exports for July rose a bigger than expected 12.2 percent year-on-year, showing little tariff impact for now and beating June's 11.2 percent rise and analysts expectations in a Reuters poll for 10 percent growth. For instance, the major complaint is about the theft of United States intellectual property by Chinese firms.

The U.S. announced its additional tariffs Tuesday. But it held off on a final $16 billion as a result of concerns raised by USA companies.

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July figures showed the US' trade deficit with China decrease only slightly.

China has not yet given a date for its previously announced retaliatory tariffs on $16 billion in US goods, which will target commodities such as crude oil, natural gas, coal and some refined oil products.

The trade representative said the tariffs were a response to an investigation, released this year, which found China's policies on technology transfer, intellectual property and innovation were unreasonable and discriminatory, and placed an unfair burden USA commerce. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs.

And the conflict is likely to escalate: The administration is preparing tariffs of up to 25 percent on an additional $200 billion in Chinese products.

May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs. Larger items are also on the list of 333 goods being targeted including large passenger cars and motorcycles as well as various fuels, and fiber optical cables. The move appears to wreck the nascent trade deal.

China's exports surged more than expected in July despite USA duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth.

USA industries and farmers have been caught in the crossfire, and the Trump administration announced $12 billion in aid to help farmers hurt by Chinese duties on crops such as soybeans.

US President Donald Trump has boasted that trade wars are "easy to win" and warned he would hit virtually all Chinese imports if Beijing does not back down and take steps to reduce its $335 billion surplus with the US.

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